$25bn NNPC scam: Osinbajo says he signed the contracts

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Vice President Yemi Osinbajo has taken responsibility for granting authorisation to the NNPC for two oil contracts worth N640 billion.

Osinbajo denied in another tweet while he was still in Bonny Island Rivers State where he had gone to flag off the Bodo-Bonny Road project.

His words: " They were financing loans, joint venture loans, that have procured so in some cases NNPC ventures have to secure loans and they need the authorization to secure those loans.

The presidency has refuted claims that President Muhammadu Buhari signed some oil contracts worth N648billion while he was on his sick bed in London.

The disclosure by Baru was made when he responded to the allegations made by the minister of state for petroleum resources, Ibe Kachikwu, over the unilateral award of hefty oil and gas contracts totaling about $25 billion by NNPC boss.

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"So, I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts".

But the agency said in a statement on Monday that Kachikwu's claims were not correct, as all the contracts it ever awarded had been approved by the NNPC tender's board - the agency's "final approving body" in contracts not exceeding $20 million.

Akande earlier today tweeted on the same matter thus: "In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures".

He said this was to deal with a huge backlog of unpaid cash calls and incentivise investments.

"These transactions were not required to be presented as contracts to the Board of NNPC and, of course, the monetary value of any crude oil eventually lifted by any of the companies goes straight into the federation account and not to the company".

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